CHICAGO, May 17, 2023 /PRNewswire/ -- According to Arizton's latest research report, the Japan power rental market will grow at a CAGR of 3.59% during 2022-2029.
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Significant opportunities in the Japan power rental market include the market growth supported by decarbonization & energy security strategies and renting equipment backed by a spike in energy prices & shutdown of old power plants. In 2022, the Japan power rental market by diesel accounted for the largest revenue share of around 76.4%. The growth of this segment is attributable to the fact that diesel-powered power equipment is sturdier and more reliable and has a high consumption rate.
Japan Power Rental Market Report Scope
Report Attributes | Details |
Market Size (2029) | USD 263.8 Million |
Market Size (2022) | USD 206.1 Million |
CAGR (2022-2029) | 3.59 % |
Historic Year | 2020-2021 |
Base Year | 2022 |
Forecast Year | 2023-2029 |
Market Segmentation | Fuel, Power Rating, Equipment, End-User, and Application |
End-Users | Construction, Retail, Oil & Gas, Mining, Events, Utilities, IT & Data Center, Manufacturing, and Others |
Market Dynamics |
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Mining Exploration Program Along with Clean Energy Strategies in Japan to Push the Demand for Leasing Power Equipment
Amazon will purchase green energy from Clean Energy Connect via the Japanese trading business Itochu for its operations. For this reason, Itochu will build renewable energy supply networks in America and Japan. Corporate power purchase agreements (CPPAs) have been signed with Clean Energy Connect (CEC), a member of the Itochu group, to supply Amazon with renewable energy for 20 years. CEC will spend over 10 billion yen in the grand scheme to build Amazon's modest solar power installations. By 2024, there will be roughly 700 solar projects in Japan, producing about 38,000 kilowatts of green energy. One of the largest CPPAs in Japan is anticipated to be the one with Amazon.
In addition to the former general electricity utilities, electricity retailers include telecommunications carriers, trading companies, gas and petroleum companies, steel manufacturers, and subsidiaries of former general electricity utilities. Currently, 730 entities have attained retail licenses as of August 2021 in the retail electricity sector, per METI's Agency for Natural Resources and Energy data. In 2020 the net system energy demand was 821 TWh, of which former general electricity utilities accounted for 81%.
Japan Gold Corp announced in February 2023 the "2023 Exploration Program" over its 2,920 sq km Japanese portfolio of mineral rights. Six projects have been chosen for development with geophysical surveying and drilling proposed in 2023 outside of the Barrick Alliance. Seven additional projects have been selected for work programs to provide a pipeline of targets to drill in 2024.
Hokkaido Yakumo Wind Power Project is a 184.8 MW onshore wind power project with 48 turbines, each with a 3.85 MW capacity. The project is anticipated to be commissioned by the end of 2023. The projected budget for this project was USD 399.2 million. Construction, installation, and commissioning of wind and nuclear energy projects will contribute to the Japan power rental market.
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Prominent Vendors
- Kanamoto
- Nishio
- Aggreko
- Caterpillar
- Atlas Copco
- Cummins Inc.,
- KOHLER Power
- Yanmar
- Akashi Rental Co., Ltd
- U-MAC VIETNAM
- ORIX
- NIKKEN CORPORATION
Market Segmentation
Fuel
- Natural Gas
- Diesel
- Others (Propane, Hydrogen, Renewable Sources)
Power Rating
- <75KVA
- 75-375KVA
- 375-1,000KVA
- Above 1,000 KVA
Equipment
- Generators
- Load Banks
- Transformers
- Others
End-User
- Construction
- Retail
- Oil & Gas
- Mining
- Events
- Utilities
- IT & Data Center
- Manufacturing
- Others
Application
- Standby Power
- Continuous Power
- Peak Shaving
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